West Point, Virginia Property Taxes
The median property tax rate in West Point, VA is 0.27%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in West Point at $213,450, the typical annual property tax bill is $707, well below the national median of $2,690. Property taxes in West Point are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding West Point's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of West Point or another part of King William County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
West Point, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.27%
Estimate Property Tax Bill
$576
Ownwell’s West Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Point to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across West Point, Virginia
Property taxes in West Point, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Point is 0.27%, which is significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within West Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Point estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares West Point's effective property tax rate to other counties in Virginia and the national median. Understanding how these cities compare with West Point provides valuable insights into the varying tax landscape across King William County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average West Point Tax Rate
0.27%
Average King William County Tax Rate
0.58%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Point, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23181 | 0.27% | 0.27% | 0.27% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across West Point, Virginia
In West Point, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the King William County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In West Point, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in West Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 23181, with a median tax bill of $707.
Average West Point Assessed Value
$213,450
Average King William County Assessed Value
$231,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across West Point, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23181 | $92,000 | $149,225 | $213,450 | $289,775 | $409,090 |
Source: Ownwell
Property Tax Bills Across West Point, Virginia
In West Point, VA, property tax bills are calculated based on the assessed value of a home, reflecting its market value. The median home price in West Point stands at $213,450. Homeowners' tax bills are influenced by this assessed value and the local tax rate set by King William County. For example, a homeowner in the 25th percentile might see a tax bill of $461, while those in the 75th percentile could pay around $1,187. At the 90th percentile, the tax bill can rise to $1,806. Factors such as property improvements, market trends, and local government budgets play a role in determining the assessed value and, consequently, the tax bill. The median tax bill in West Point is $707, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable and appealing in West Point, positively impacting the local real estate market and community growth.
Average West Point Tax Bill
$707
Average King William County Tax Bill
$1,247
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across West Point, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23181 | $268 | $461 | $707 | $1,187 | $1,806 |
Source: Ownwell